empty
 
 
16.11.2020 07:59 AM
Indicator analysis. Daily review on the GBP/USD currency pair for November 16, 2020

Trend analysis (Fig. 1).

Today, the market from the level of 1.3187 (closing of Friday's daily candlestick) may continue to move upward with the goal of 1.3231 - a pullback level of 61.8% (blue dotted line). When testing this level, continue working upward with the goal of 1.3282, which is a pullback level of 85.4% (blue dotted line).

This image is no longer relevant

Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up
  • Candlestick analysis - down
  • Trend analysis - up
  • Bollinger bands - up
  • Weekly chart - up

General conclusion:

The price will try to continue moving upward today with the target of 1.3282 - the resistance line (white bold line). When testing this line, continue working up with the target of 1.3310-the upper fractal (red dotted line).

Alternative scenario: from the level of 1.3187 (closing of the Friday's daily candlestick), the price may start moving upward with the goal of 1.3231 - a pullback level of 61.8% (blue dotted line). When testing this level, work downward with a target of 1.3159, which is a pullback level of 23.6% (red dotted line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback